Merrill Lynch S.A. Merrill Lynch International & Co. C.V. Bank of America Corporation STRUCTURED SECURITIES PROGRAMME

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1 BASE PROSPECTUS Merrill Lynch S.A. (a Luxembourg Public Limited Liability Company) as Issuer Merrill Lynch International & Co. C.V. (a Curaçao Limited Partnership) as Issuer Bank of America Corporation (a Delaware (U.S.A.) corporation) as Issuer and as Guarantor in respect of Securities issued by Merrill Lynch S.A. and Merrill Lynch International & Co. C.V. STRUCTURED SECURITIES PROGRAMME Arranger and Dealer BofA MERRILL LYNCH 14 June 2012

2 This document (the "Base Prospectus") constitutes a base prospectus in respect of the Programme (as defined below). Any Securities (as defined below) issued on or after the date of this Base Prospectus are issued subject to the provisions herein. This Base Prospectus constitutes three base prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC (as amended by Directive 2010/73/EU, the "Prospectus Directive"): (1) a base prospectus relating to the issuance of Notes (as defined below) and Certificates (as defined below) under the Programme by Merrill Lynch S.A. ("MLSA"), (2) a base prospectus relating to the issuance of Certificates and Warrants (as defined below) under the Programme by Merrill Lynch International & Co. C.V. ("MLICo.") and (3) a base prospectus relating to the issuance of Notes under the Programme by Bank of America Corporation ("BAC," and together with MLSA and MLICo., the "Issuers" and each, an "Issuer"). The payment of all amounts payable and the delivery of non-cash consideration deliverable in respect of the Securities issued by MLSA and MLICo. will be unconditionally and irrevocably guaranteed (the "Guarantee") by BAC (in such capacity, the "Guarantor"), the ultimate parent company of MLSA and MLICo. The Securities will be issued on a continuing basis to Merrill Lynch International ("MLI") 1 and any additional dealer appointed under the Programme from time to time (each, a "Dealer" and together, the "Dealers"). Under the terms of the Structured Securities Programme (the "Programme"), BAC may from time to time issue notes (the "Notes"), MLSA may from time to time issue Notes or certificates (the "Certificates") and MLICo. may from time to time issue Certificates and warrants (the "Warrants"), having terms as may be agreed by the relevant Issuer and the relevant Dealer(s). Certificates and Warrants are together referred to as "W&C Securities", and W&C Securities and Notes are together referred to as "Securities". Securities of any kind may be issued including but not limited to Securities relating to a specified index or a basket of indices ("Index Linked Securities"), a specified share or a basket of shares ("Share Linked Securities"), a specified global depositary receipt ("GDR") or American depositary receipt ("ADR") or basket of GDRs and/or ADRs ("GDR/ADR Linked Securities"), a specified currency or a basket of currencies ("FX Linked Securities"), a specified commodity or commodity index or a basket of commodities and/or commodity indices ("Commodity Linked Securities"), a specified fund or basket of funds ("Fund Linked Securities"), a specified inflation index or a basket of inflation indices ("Inflation Linked Securities") or any combination of the foregoing (each such underlying asset or basis of reference, a "Reference Item"). In relation to any issue of Securities the respective Issuer will determine and disclose the legally binding terms and conditions of the Securities in the final terms (the "Final Terms"). The applicable Final Terms should be read in conjunction with this Base Prospectus. The Securities will rank equally with all other unsubordinated and unsecured obligations of the respective Issuer. This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF"), which is the competent authority for the purpose of the Prospectus Directive and relevant implementing measures in Luxembourg, for the purpose of giving information with regard to the issue of Securities by the Issuers under the Programme during the period of 12 months from the date of this Base Prospectus. The Issuers have requested CSSF to provide the Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin") in Germany and the Finanzmarktaufsicht ("FMA") in Austria and may request CSSF to provide other competent authorities in other host member states within the European Economic Area, with certificates of approval attesting that this Base Prospectus has been drawn up in accordance with the Prospectus Directive. The CSSF assumes no responsibility as to the economic and financial soundness of the transactions and the quality and the solvency of the Issuers. This document contains the binding English version of the Base Prospectus, including a German language translation of selected parts of the Base Prospectus. In relation to the issuance of a particular series of Securities, the Final Terms will stipulate whether the German language version or the English language version of the Conditions (as defined below) of the issuance will be binding. The Final Terms for each tranche of the Securities ("Tranche of the Securities" or "Tranche") will be delivered to CSSF in its capacity as competent authority for the purpose of the Prospectus Directive on or before the issue date of the Securities. References herein to the "Conditions" are to the terms and conditions of the Please note that the marketing name of MLI is BofA MERRILL LYNCH as set out on the cover page. 2

3 Notes (the "Conditions of the Notes") or the terms and conditions of the W&C Securities (the "Conditions of the W&C Securities"), as the case may be. Application has been made to the Luxembourg Stock Exchange for the Securities to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the Official List of the Luxembourg Stock Exchange. Application has also been made to the Luxembourg Stock Exchange for Securities issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange's alternative market Euro MTF and to be admitted to the Official List of the Luxembourg Stock Exchange. Application may, in the future, be made to list Securities on any other regulated market of any stock exchange in a Member State within the European Economic Area (in particular on the London Stock Exchange), or to trade the Securities on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Scoach) and/or on the regulated unofficial market (Freiverkehr) of the Stuttgart Stock Exchange (EUWAX). Securities may not be listed or traded at all, in each case as specified in the applicable Final Terms. Each Tranche of Notes ("Tranche of Notes") will be represented by a permanent global note in bearer form ("Global Note"). The Global Note will be delivered on or prior to the issue date of the relevant Tranche of Notes to Clearstream Banking AG, Frankfurt am Main ("Clearstream Frankfurt") or any other agreed-upon clearing system. Interests in the Global Note will not be exchangeable for definitive Notes. See further described in "Form of the Securities Form of the Notes". Each Tranche of Certificates ("Tranche of Certificates") will be represented by a permanent global certificate in bearer form ("Global Certificate"). The Global Certificate will be delivered on or prior to the issue date of the relevant Tranche of Certificates to Clearstream Frankfurt or any other agreed-upon clearing system. Interests in the Global Certificate will not be exchangeable for definitive Certificates. See further described in "Form of the Securities Form of the Certificates". Each Tranche of Warrants ("Tranche of Warrants") will be represented by a permanent global warrant in bearer form ("Global Warrant"). The Global Warrant will be delivered on or prior to the issue date of the relevant Tranche of Warrants to Clearstream Frankfurt or any other agreed-upon clearing system. Interests in the Global Warrant will not be exchangeable for definitive Warrants. See further described in "Form of the Securities Form of the Warrants". For payments by Bank of America Corporation in respect of a Security, which will be treated as in registered form for United States federal income tax purposes, in order to avoid U.S. withholding taxes, the beneficial owner of the Security is required to furnish the U.S. Internal Revenue Service ("IRS") Form W-8BEN on which the beneficial owner certifies under penalties of perjury that it is not a United States person. THE SECURITIES ARE SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED OR PREMIUM PAID. EACH PROSPECTIVE INVESTOR IN THE SECURITIES SHOULD CONSIDER CAREFULLY WHETHER THE SECURITIES ARE A SUITABLE INVESTMENT IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S INVESTMENT OBJECTIVES, FINANCIAL CAPABILITIES, AND EXPERTISE. PROSPECTIVE INVESTORS IN THE SECURITIES SHOULD CONSULT THEIR OWN BUSINESS, FINANCIAL, INVESTMENT, LEGAL, ACCOUNTING, REGULATORY, TAX, AND OTHER PROFESSIONAL ADVISORS TO ASSIST THEM IN DETERMINING THE SUITABILITY OF THE SECURITIES FOR THEM AS AN INVESTMENT. SEE "RISK FACTORS" AS CONTAINED IN THIS BASE PROSPECTUS. None of the Securities, the Guarantee or, in certain cases, the Entitlements (as defined herein) have been, or will be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any U.S. state securities laws. The Securities may not be offered, sold, transferred, pledged, delivered, exercised or redeemed, directly or indirectly, at any time within the United States of America, its territories, its possessions and other areas subject to its jurisdiction (the "United States") or to, or for the account or benefit of, a United States Person (as defined herein). The Securities may not be legally or beneficially owned at any time by any United States Person. Trading in the Securities has not been approved by the U.S. Commodity Futures Trading 3

4 Commission (the "CFTC") under the U.S. Commodity Exchange Act, as amended (the "CEA"). The Securities will be in bearer form and the Notes and Certificates will be subject to United States tax law requirements. Unless otherwise indicated, as used in this Base Prospectus, "United States Person" means a person which is a "U.S. person" as defined by Regulation S under the Securities Act or a "United States person" as defined in Section 7701(a)(30) of the United States Internal Revenue Code of 1986, as amended (the "Code") and in U.S. Treasury regulations. THE SECURITIES ARE UNSECURED AND ARE NOT AND WILL NOT BE SAVINGS ACCOUNTS, DEPOSITS, OBLIGATIONS OF, OR OTHERWISE GUARANTEED BY BANK OF AMERICA, N.A. OR ANY OTHER BANK. THE SECURITIES DO NOT EVIDENCE DEPOSITS OF ANY BANK AND ARE NOT INSURED BY THE U.S. FEDERAL DEPOSIT INSURANCE CORPORATION (THE "FDIC"), THE GERMAN DEPOSIT PROTECTION FUND OF THE ASSOCIATION OF GERMAN BANKS (EINLAGENSICHERUNGSFONDS DES BUNDESVERBANDS DEUTSCHER BANKEN), THE STATUTORY COMPENSATION SCHEME OF GERMAN BANKS (ENTSCHÄDIGUNGSEINRICHTUNG DEUTSCHER BANKEN GMBH), A COMPARABLE INSTITUTION IN AUSTRIA OR ANY OTHER INSURER OR GOVERNMENTAL AGENCY OR INSTRUMENTALITY. The credit ratings of BAC referred to in this Base Prospectus have been issued by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Financial Services LLC ("S&P"), and Fitch, Inc. ("Fitch"), none of which is established in the European Union. Credit ratings and outlooks are effective as of the date of this Base Prospectus. However, entities belonging to the same group of Moody's, S&P and Fitch respectively which have been established in the European Union are registered under Regulation (EC) No. 1060/2009, as amended, pursuant to the list of registered rating agencies published on the website of the European Securities and Markets Authority ( as last updated on 14 May 2012 and may have disclosed an intention to endorse the ratings of Moody's, S&P and Fitch, respectively. Credit ratings and outlooks may be adjusted over time, and there is no assurance that these credit ratings and outlooks will be effective after the date of this Base Prospectus. 4

5 Important Notices IMPORTANT NOTICES This Base Prospectus must be read in conjunction with all documents deemed to be incorporated by reference (see "Incorporation by Reference") and shall be construed accordingly. This Base Prospectus shall be read and construed on the basis that such documents are so incorporated and form part of this Base Prospectus. This Base Prospectus is a base prospectus for the purposes of Article 5.4 of the Directive 2003/71/EC (as amended by Directive 2010/73/EU, the "Prospectus Directive"). No person has been authorised to give any information or to make any representation not contained or incorporated by reference in this Base Prospectus and, if given or made, such information or representation must not be relied upon as having been authorised by any Issuer, the Guarantor, or any Dealer. This Base Prospectus does not relate to any securities other than the Securities or constitute an offer to any person in any jurisdiction where such offer would be unlawful. Neither the delivery of this Base Prospectus nor the offer, sale, or delivery of any Securities shall imply in any circumstance that there has been no material adverse change or any event reasonably likely to involve any material adverse change, in the condition (financial or otherwise) of any Issuer or the Guarantor or any of their respective subsidiaries since the date of this Base Prospectus. Apart from the Issuers, no other party has separately verified the information contained herein. Accordingly, no representation, warranty, or undertaking, express or implied, is made and no responsibility is accepted by the Dealer(s) as to the accuracy or completeness of the information contained in this Base Prospectus or any other information provided by any Issuer or the Guarantor. The Dealer(s) do not accept any liability in relation to the information contained in this Base Prospectus or any other information provided by any Issuer or the Guarantor in connection with the Programme. The applicable Final Terms will specify the nature of the responsibility taken by the relevant Issuer and the Guarantor for the information relating to any underlying equity security, index, currency exchange rate, commodity, commodity index, fund or other asset(s) (each, a "Reference Item") (if applicable) to which the relevant Securities relate and which is contained in such Final Terms. However, unless otherwise expressly stated in the applicable Final Terms, any information contained therein relating to a Reference Item(s) will only consist of extracts from, or summaries of, information contained in financial and other information released publicly by the issuer, owner, or sponsor, as the case may be, of such Reference Item(s) or which is otherwise publicly available. The relevant Issuer will, unless otherwise expressly stated in the applicable Final Terms, each accept responsibility for accurately reproducing such extracts or summaries (insofar as it is applicable), but neither the relevant Issuer nor the Guarantor, as the case may be, will accept any further or other responsibility (express or implied) in respect of such information. Unless otherwise stated in the applicable Final Terms, the Issuers and the Guarantor do not intend to provide post-issuance information in relation to the Reference Item(s). In making an investment decision with respect to any Securities, an investor should, where relevant, give consideration to the Reference Item(s) relating to such Securities, and, accordingly, an investor should conduct an independent investigation of the relevant Reference Item(s) and the risks related to an investment in such Securities. In such investigation, an investor should (i) obtain copies of all the documents that are publicly available to the potential and actual investors in such Reference Item(s) and review all such documents carefully, (ii) ask questions of the respective managements of the issuers, owners, guarantors, or sponsors of such Reference Item(s) in respect of such documentation and in respect of such other matters as such an investor deems necessary or appropriate to making an informed investment decision with respect to such Reference Item(s), (iii) request from the issuers, owners, guarantors, or sponsors of the Reference Item(s) all additional information considered by such an investor to be necessary or appropriate to verify the accuracy of, or to supplement the information contained in, the applicable Final Terms or in the documents otherwise obtained by such an investor, (iv) consult such investor's own legal counsel and business, investment, financial, accounting, regulatory, tax, and other professional advisors to determine the consequences of the investment in such Securities, and (v) not rely on the relevant Issuer, the Guarantor, as the case may be, any Dealer(s), or any of their affiliates in connection with such investor's investigation of the accuracy of such information or such investor's investment decision. 5

6 Important Notices An investment in Securities is subject to a very high degree of complex risks which may arise without warning and may at times be volatile, and losses may occur quickly and in unanticipated magnitude. The Securities are extremely speculative and investors bear the risk of losing all of their investment. No investor should acquire any Securities unless (i) that person understands the nature of the relevant transaction and the extent of the exposure to potential loss, (ii) that person has a valid business purpose for acquiring such Securities, and (iii) any investment in such Securities is consistent with that person's overall investment strategy. Each prospective investor should consider carefully whether the Securities it considers acquiring are suitable for it in the light of such prospective investor's investment objectives, financial capabilities and expertise. See "Risk Factors" as contained in this Base Prospectus. The price and amount of the Securities to be issued under the Programme will be determined by the relevant Issuer and the relevant Dealer(s) at the time of issue in accordance with prevailing market conditions. Neither this Base Prospectus nor any other information supplied in connection with the Programme is intended to provide the basis of any credit or other evaluation, and any recipient of this Base Prospectus should not consider such receipt to be a recommendation to purchase any Securities. Each investor contemplating purchasing any Securities should make its own independent investigation of the financial condition and affairs of the relevant Issuer and the Guarantor, and its own appraisal of the creditworthiness of the relevant Issuer and the Guarantor. None of the Dealers undertakes to review the financial condition or affairs of the Issuers or the Guarantor during the life of the arrangements contemplated by this Base Prospectus or to advise any investor or potential investor in the Securities of any information coming to its attention. BAC is not a credit institution within the meaning of the German Banking Act (Kreditwesengesetz). The Securities, the Guarantee and, in certain cases, the Entitlements have not been, and will not be, registered under the Securities Act or approved or disapproved by the U.S. Securities and Exchange Commission (the "SEC") or any other securities commission or other regulatory authority in the United States, nor have the foregoing authorities reviewed or passed upon the accuracy or adequacy of this Base Prospectus. The Securities and the Guarantee have not been approved by the CFTC under the CEA. Except as provided herein, the Securities may not be legally or beneficially owned at any time by any United States Person. Upon redemption or exercise or settlement, a Holder of Securities may be required to make a certification that it is not a United States Person. This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. The distribution of this Base Prospectus and the offer of Securities may be restricted by law in certain jurisdictions. None of the Issuers, the Guarantor, or any Dealer(s) represents that this Base Prospectus may be lawfully distributed, or that any Securities may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assumes any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuers, the Guarantor, or any Dealer(s) which would permit a public offering of any Securities outside the European Economic Area or distribution of this Base Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Securities may be offered or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations and the Dealer(s) have represented that all offers and sales by them will be made on the same terms. Persons into whose possession this Base Prospectus or any Securities come must inform themselves about, and observe, any such restrictions. In particular, there are restrictions on the distribution of this Base Prospectus and the offer or sale of Securities in the United States, the European Economic Area, and certain other jurisdictions. See "Subscription and Sale" as contained in this Base Prospectus. Because the Calculation Agent can be a subsidiary company or affiliate of the relevant Issuer or the Guarantor, there can be conflicts of interest between the Calculation Agent and a bearer of Index Linked Securities, Share Linked Securities, GDR/ADR Linked Securities, Commodity Linked Securities, Fund Linked Securities, FX Linked Securities, Inflation Linked Securities, Hybrid Securities, and Other Reference Item Linked Securities (as defined herein), including determinations and decisions the Calculation Agent has to make. 6

7 Important Notices In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the stabilizing manager(s) (or persons acting on behalf of any Stabilizing Manager(s)) in the applicable Final Terms (the "Stabilizing Manager(s)") may over allot Notes (provided that, in the case of any Tranche of Notes to be listed on the Luxembourg and/or the Frankfurt Stock Exchange, the aggregate principal amount of Notes allotted does not exceed 105 per cent. of the aggregate principal amount of the relevant Tranche) or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilizing Manager(s) (or persons acting on behalf of a Stabilizing Manager) will undertake stabilization action. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 calendar days after the issue date of the relevant Tranche of Notes and 60 calendar days after the date of the allotment of the relevant Tranche of Notes. In this Base Prospectus, references to "U.S. Dollars", "USD", "$", and "U.S.$" refer to the currency of the United States, those to "Sterling", "Pounds Sterling", and " " refer to the currency of the United Kingdom, those to "Japanese Yen", "Yen", and " " refer to the currency of Japan, those to "Swiss Francs" and "CHF" refer to the currency of Switzerland, and those to "EUR", "euro", and " " refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty establishing the European Community, as amended by the Treaty on European Union, as amended by the Treaty of Amsterdam (as amended from time to time). 7

8 Wichtige Hinweise WICHTIGE HINWEISE Dieser Basisprospekt ist in Zusammenhang mit allen Dokumenten zu lesen, die durch Verweis einbezogen wurden (siehe "Einbeziehung durch Verweis") und ist dementsprechend auszulegen. Dieser Basisprospekt ist auf der Grundlage zu lesen und auszulegen, dass diese Dokumente auf diese Weise einbezogen und Bestandteil dieses Basisprospekts sind. Dieser Basisprospekt ist ein Basisprospekt im Sinne von Artikel 5.4 der Richtlinie 2003/71/EG (geändert durch Richtlinie 2010/73/EU die "Prospektrichtlinie"). Niemand ist dazu ermächtigt worden, Informationen herauszugeben oder Erklärungen abzugeben, die nicht Bestandteil oder durch Verweis in diesen Basisprospekt einbezogen sind und sollten sie herausgegeben oder abgegeben werden, darf sich nicht darauf verlassen werden, dass diese Information oder Erklärung von einer Emittentin, Garantin oder einem Dealer autorisiert wurde. Dieser Basisprospekt bezieht sich nicht auf andere Wertpapiere als die Wertpapiere die von diesem Prospekt umfasst werden oder stellt gegenüber einer Person in einer Jurisdiktion, in der ein Angebot rechtswidrig sein würde, kein Angebot dar. Weder die Übergabe dieses Basisprospekts noch das Angebot, der Verkauf oder die Lieferung von Wertpapieren bedeutet, dass seit dem Datum dieses Basisprospekts keinesfalls eine wesentlich nachteilige Änderung der (finanziellen oder sonstigen) Situation einer Emittentin oder der Garantin oder einer ihrer jeweiligen Tochtergesellschaften stattgefunden hat oder ein Ereignis, das wahrscheinlich zu einer wesentlich nachteiligen Änderung führt, eingetreten ist. Außer den Emittentinnen hat keine Partei die hierin enthaltenen Informationen verifiziert. Daher gibt/geben der/die Dealer keine ausdrücklichen oder stillschweigenden Zusicherungen, Gewährleistungen oder Verpflichtungserklärungen ab und übernehmen keinerlei Verantwortung für die Richtigkeit oder Vollständigkeit der in diesem Basisprospekt enthaltenen Informationen oder anderer Informationen, die von einer Emittentin oder der Garantin zur Verfügung gestellt wurden. Der/die Dealer übernehmen keine Haftung in Bezug auf die in diesem Basisprospekt enthaltenen Informationen oder andere Informationen, die von einer Emittentin oder Garantin in Zusammenhang mit dem Programm zur Verfügung gestellt wurden. Die jeweiligen Endgültigen Bedingungen beschreiben die Art der von der maßgeblichen Emittentin und der Garantin übernommenen Verantwortung für die Informationen in Bezug auf zugrunde liegende Aktienwerte, Indizes, Wechselkurse, Rohstoffe, Rohstoffindizes, Fonds oder (einen) andere(n) Vermögenswert(e) (jeweils ein "Basiswert"), auf die sich die betreffenden Wertpapiere beziehen und die in den Endgültigen Bedingungen enthalten sind. Sofern in den jeweiligen Endgültigen Bedingungen nicht ausdrücklich anders angegeben, sind die darin enthaltenen Informationen in Bezug auf (einen) Basiswert(e) allerdings nur Auszüge oder Zusammenfassungen von Informationen, die in Finanz- oder anderen Informationen enthalten sind, die von der maßgeblichen Emittentin, dem Eigentümer bzw. Sponsor dieses/r Basiswerts/e veröffentlicht wurden oder frei erhältlich sind. Die maßgebliche Emittentin, sofern nicht ausdrücklich in den jeweiligen Endgültigen Bedingungen anders angegeben, übernimmt die Verantwortung für die korrekte Widergabe dieser Auszüge oder Zusammenfassungen (soweit dies zutrifft), aber weder die maßgebliche Emittentin noch gegebenenfalls die Garantin übernehmen in Bezug auf diese Informationen (ausdrücklich oder stillschweigend) eine weitergehende oder anderweitige Verantwortung. Sofern in den jeweiligen Endgültigen Bedingungen nicht anders angegeben, beabsichtigen die Emittentinnen und Garantin nicht, nach der Ausgabe der jeweiligen Wertpapiere Informationen in Bezug auf den/die Basiswert(e) zur Verfügung zu stellen. Bei der Entscheidung, ob für den Anleger eine Anlage in die Wertpapiere in Frage kommt, sollte er auch den/die mit diesen Wertpapieren verbundene(n) Basiswert(e) in die Überlegungen mit einbeziehen und dementsprechend eine unabhängige Bewertung des/r betreffenden Basiswerts/e und der mit einer Anlage in die Wertpapiere verbundenen Risiken vornehmen. Bei einer solchen Bewertung sollte ein Anleger (i) sich Kopien aller Dokumente verschaffen, die potenziellen und tatsächlichen Anlegern in diese(n) Basiswert(e) frei zur Verfügung stehen und die Dokumente sorgfältig durchsehen, (ii) das jeweilige Management der Emittenten, Eigentümer, Garanten oder Sponsoren dieses/r Basiswerts/e in Bezug auf die Dokumentation und im Hinblick auf die Angelegenheiten fragen, die ein Anleger für notwendig oder angemessen hält, um eine sachkundige Investitionsentscheidung in Bezug auf diese(n) Basiswert(e) zu treffen, (iii) von den Emittenten, Eigentümern, Garanten oder Sponsoren des/r Basiswerts/e sämtliche Zusatzinformationen anfordern, die ein Anleger für notwendig oder angemessen erachtet, um die Richtigkeit der Informationen, die in den jeweiligen Endgültigen Bedingungen oder in den auf andere Weise von dem Anleger erlangten Dokumenten enthalten sind, zu 8

9 Wichtige Hinweise überprüfen oder um diese zu ergänzen, (iv) seine eigenen Rechtsberater und Wirtschafts-, Investment-, Finanz-, Bilanz-, Aufsichts-, Steuer- und anderen professionellen Berater konsultieren, um die Folgen einer Anlage in diese Wertpapiere zu beurteilen, und (v) sich in Zusammenhang mit der Überprüfung der Richtigkeit dieser Informationen oder im Zuge der Investitionsentscheidung des Anlegers nicht auf die maßgebliche Emittentin, bzw. Garantin, den/die Dealer oder eine ihrer verbundenen Unternehmen verlassen. Eine Anlage in die Wertpapiere ist in hohem Maß komplexen Risiken ausgesetzt, die jederzeit eintreten können, und kann von Zeit zu Zeit volatil sein, und Verluste können schnell und in einem unvorhergesehenen Ausmaß eintreten. Die Wertpapiere sind außerordentlich spekulativ und Anleger tragen das Risiko, ihre gesamte Anlage zu verlieren. Investoren sollten Wertpapiere nur erwerben, wenn sie (i) die Art der betreffenden Transaktion und die Höhe des Verlustrisikos verstehen, (ii) Investoren mit dem Erwerb dieser Wertpapiere einen stichhaltigen Geschäftszweck verfolgen und (iii) eine Anlage in diese Wertpapiere im Einklang mit ihrer generellen Anlagestrategie steht. Jeder potenzielle Anleger sollte sorgfältig überlegen, ob die Wertpapiere, die er zu erwerben beabsichtigt, im Hinblick auf die Anlageziele, die finanziellen Fähigkeiten und Fachkenntnisse des Anlegers für ihn geeignet sind. Siehe den in diesem Basisprospekt enthaltenen Abschnitt "Risikofaktoren". Der Preis und die Höhe der nach diesem Programm auszugebenden Wertpapiere werden von der maßgeblichen Emittentin und dem/n betreffenden Dealer(n) in Übereinstimmung mit den herrschenden Marktbedingungen zum Zeitpunkt der Ausgabe festgelegt. Weder dieser Basisprospekt noch andere Informationen, die in Zusammenhang mit dem Programm zur Verfügung gestellt werden sind als Grundlage für eine Kreditbeurteilung oder andere Beurteilung gedacht und jeder Empfänger dieses Basisprospekts sollte den Erhalt nicht als Kaufempfehlung für die Wertpapiere auslegen. Jeder Anleger, der die Wertpapiere zu kaufen beabsichtigt, sollte die finanzielle Situation und die Finanzgeschäfte der maßgeblichen Emittentin und der Garantin unabhängig und eigenständig überprüfen und seine eigene Bewertung der Bonität der maßgeblichen Emittentin und der Garantin vornehmen. Die Dealer führen keine Überprüfung der finanziellen Situation und der Finanzgeschäfte der maßgeblichen Emittentin oder der Garantin innerhalb der Dauer der durch diesen Basisprospekt beabsichtigten Vereinbarungen oder zur Beratung eines Anlegers oder potenziellen Anlegers in die Wertpapiere in Bezug auf Informationen durch, von denen er Kenntnis erlangt. Die Garantin ist kein Kreditinstitut im Sinne des deutschen Kreditwesengesetzes. Die Wertpapiere, die Garantie und in bestimmten Fällen die Effektiven Lieferbeträge sind nicht und werden nicht nach dem Securities Act registriert oder genehmigt oder abgelehnt von der U.S. Securities and Exchange Commission (the "SEC") oder eine andere Wertpapieraufsicht oder andere Aufsicht der Vereinigten Staaten. Die vorgenannten Behörden haben den Basisprospekt nicht überprüft oder dessen Richtigkeit oder Angemessenheit bestätigt. Weder die Wertpapiere noch die Garantie wurden von der CFTC gemäß dem CEA bestätigt. Sofern hier nicht anders vorgesehen, dürfen die Wertpapiere zu keiner Zeit direkt oder zugunsten von U.S.-Personen gehalten werden. Bei der Rückzahlung oder Ausübung oder Abwicklung kann es erforderlich sein, dass ein Inhaber von Wertpapieren bestätigen muss, dass er keine U.S.-Person ist. Dieser Basisprospekt stellt kein Angebot und keine Aufforderung zur Abgabe eines Angebots zum Kauf von Wertpapieren in einer Jurisdiktion dar, in der ein solches Angebot oder eine solche Aufforderung an irgendeine Person nicht zulässig wäre. Die Verbreitung dieses Basisprospekts und das Angebot der Wertpapiere kann in bestimmten Jurisdiktionen rechtlichen Beschränkungen unterliegen. Weder die Emittentinnen, noch die Garantin oder ein Dealer erklären, dass dieses Basisprospekt gemäß den geltenden Registrierungs- oder anderen Vorschriften in diesen Jurisdiktionen oder gemäß einer vorliegenden Ausnahme davon rechtmäßig verbreitet wird oder die Wertpapiere rechtmäßig angeboten werden oder haften für die Ermöglichung dieser Verbreitung oder des Angebots. Insbesondere sind von den Emittentinnen, der Garantin oder dem/den Dealer(n) keine Maßnahmen ergriffen worden, die ein öffentliches Anbieten der Wertpapiere außerhalb des Europäischen Wirtschaftsraums oder die Verbreitung dieses Basisprospekts in einer Jurisdiktion, in der Maßnahmen für diesen Zweck erforderlich sind, zulassen würden. Dementsprechend werden außer in den Fällen, in denen geltende Gesetze und Bestimmungen eingehalten werden und der/die Dealer erklärt haben, dass alle von ihnen durchgeführten Angebote und Verkäufe zu denselben Bedingungen erfolgen, keine Wertpapiere in einer Jurisdiktion direkt oder indirekt angeboten oder verkauft und dieser Basisprospekt oder Werbematerialien oder 9

10 Wichtige Hinweise andere Angebotsunterlagen werden weder verbreitet noch veröffentlicht. Personen, die im Besitz dieses Basisprospekts oder der Wertpapiere sind, müssen sich über diese Beschränkungen informieren und haben diese einzuhalten. Insbesondere die Verbreitung dieses Basisprospekts und das Angebot oder der Verkauf der Wertpapiere unterliegen in den USA, dem Europäischen Wirtschaftsraum und in bestimmten anderen Jurisdiktionen Beschränkungen. Siehe den in diesem Basisprospekt enthaltenen Abschnitt "Zeichnung und Verkauf". Da es sich bei der Berechnungsstelle um eine Tochtergesellschaft oder ein verbundenes Unternehmen der maßgeblichen Emittentin oder der Garantin handeln kann, können zwischen der Berechnungsstelle und Inhabern von Indexbezogenen Wertpapieren, Inflationsindexierten Wertpapieren, Aktienbezogenen Wertpapieren, GDR/ADR-bezogenen Wertpapieren, Rohstoffbezogenen Wertpapieren, Fondsbezogenen Wertpapieren, Wechselkursbezogenen Wertpapieren, Hybrid-Wertpapieren und Auf andere Basiswerte bezogenen Wertpapieren (wie hierin definiert) Interessenskonflikte bestehen, auch im Hinblick auf bestimmte Festlegungen und Entscheidungen, die die Berechnungsstelle zu treffen hat. In Zusammenhang mit der Ausgabe einer Tranche der Schuldverschreibungen kann der Dealer oder (ggf.) können die Dealer, der/die in den jeweiligen Endgültigen Bedingungen als kursstabilisierende Stelle(n) benannt wurden (oder Personen, die im Namen einer/von kursstabilisierenden Stelle(n) handeln) (die "Kursstabilisierende(n) Stelle(n)") eine Mehrzuteilung von Schuldverschreibungen vornehmen (vorausgesetzt, dass, wenn eine Tranche der Schuldverschreibungen an der Luxemburger und/oder der Frankfurter Wertpapierbörse notiert werden soll, der Gesamtkapitalbetrag der zugeteilten Schuldverschreibungen nicht mehr als 105 Prozent des Gesamtkapitalbetrages der betreffenden Tranche beträgt) oder Transaktionen zur Stützung des Marktpreises der Schuldverschreibungen auf einem höheren Stand, als dem möglicherweise vorherrschenden, durchführen. Jedoch kann nicht zugesichert werden, dass die Kursstabilisierende(n) Stelle(n) (oder Personen, die im Namen einer/von Kursstabilisierenden Stelle(n) handeln) eine kursstabilisierende Maßnahme ergreift/ergreifen. Eine kursstabilisierende Maßnahme kann an oder nach dem Tag beginnen, an dem die Angebotsbedingungen der betreffenden Tranche der Schuldverschreibungen hinreichend öffentlich bekannt gemacht wurden und kann, wenn begonnen, jederzeit beendet werden, muss jedoch, je nach dem welcher Zeitpunkt früher eintritt, spätestens 30 Kalendertage nach dem Ausgabetag der betreffenden Tranche der Schuldverschreibungen und 60 Kalendertage nach dem Tag der Zuteilung der betreffenden Tranche der Schuldverschreibungen beendet werden. In diesem Basisprospekt beziehen sich Verweise auf "U.S.-Dollar", "USD", "$" und "U.S.$" auf die Währung der USA, Verweise auf "Sterling", "Pounds Sterling" und " " beziehen sich auf die Währung von Großbritannien, "Japanese Yen", "Yen" und " " beziehen sich auf die Währung von Japan, "Swiss Francs" und "CHF" beziehen sich auf die Währung der Schweiz und "EUR", "euro" und " " beziehen sich auf die bei Beginn der dritten Stufe der Europäischen Wirtschafts- und Währungsunion gemäß dem Gründungsvertrag der EU, durch den Vertrag von Amsterdam in seiner jeweils gültigen Fassung ergänzt, eingeführte Währung. 10

11 Table of Contents TABLE OF CONTENTS IMPORTANT NOTICES... 5 WICHTIGE HINWEISE... 8 SUMMARY ZUSAMMENFASSUNG RISK FACTORS RISIKOFAKTOREN RESPONSIBILITY STATEMENT AVAILABLE INFORMATION INCORPORATION BY REFERENCE GENERAL DESCRIPTION OF THE PROGRAMME AND THE SECURITIES MERRILL LYNCH S.A SELECTED FINANCIAL DATA OF MERRILL LYNCH S.A MERRILL LYNCH INTERNATIONAL & CO. C.V SELECTED FINANCIAL DATA OF MERRILL LYNCH INTERNATIONAL & CO. C.V BANK OF AMERICA CORPORATION SELECTED FINANCIAL DATA OF BANK OF AMERICA CORPORATION USE OF PROCEEDS FORM OF THE SECURITIES ISSUE PROCEDURE TYPE OF NOTES TO BE ISSUED UNDER THIS BASE PROSPECTUS ART DER SCHULDVERSCHREIBUNGEN, DIE GEMÄSS DIESEM BASISPROSPEKT BEGEBEN WERDEN180 CONDITIONS OF THE NOTES BEDINGUNGEN DER SCHULDVERSCHREIBUNGEN TYPE OF W&C SECURITIES TO BE ISSUED UNDER THIS BASE PROSPECTUS ART DER O&Z WERTPAPIERE, DIE GEMÄSS DIESEM BASISPROSPEKT BEGEBEN WERDEN CONDITIONS OF THE W&C SECURITIES BEDINGUNGEN DER O&Z WERTPAPIERE ANNEX 1 ADDITIONAL CONDITIONS FOR INDEX LINKED SECURITIES ANNEX 1 ZUSÄTZLICHE BEDINGUNGEN FÜR INDEXBEZOGENE WERTPAPIERE ANNEX 2 ADDITIONAL CONDITIONS FOR SHARE LINKED SECURITIES ANNEX 2 ZUSÄTZLICHE BEDINGUNGEN FÜR AKTIENBEZOGENE WERTPAPIERE ANNEX 3 ADDITIONAL CONDITIONS FOR COMMODITY LINKED SECURITIES ANNEX 3 ZUSÄTZLICHE BEDINGUNGEN FÜR ROHSTOFFBEZOGENE WERTPAPIERE ANNEX 4 ADDITIONAL CONDITIONS FOR FUND LINKED SECURITIES ANNEX 4 ZUSÄTZLICHE BEDINGUNGEN FÜR FONDSBEZOGENE WERTPAPIERE ANNEX 5 ADDITIONAL CONDITIONS FOR FX LINKED SECURITIES ANNEX 5 ZUSÄTZLICHE BEDINGUNGEN FÜR WECHSELKURSBEZOGENE WERTPAPIERE ANNEX 6 ADDITIONAL CONDITIONS FOR INFLATION LINKED SECURITIES ANNEX 6 ZUSÄTZLICHE BEDINGUNGEN FÜR INFLATIONSINDEXIERTE WERTPAPIERE FORM OF FINAL TERMS MUSTER DER ENDGÜLTIGEN BEDINGUNGEN FORM OF GUARANTEE MUSTER DER GARANTIE TAXATION SUBSCRIPTION AND SALE GENERAL INFORMATION ADDRESSES

12 Summary SUMMARY This summary must be read as an introduction to this Base Prospectus (the "Base Prospectus"). Any decision to invest in the Securities (as defined below) should be based on a consideration of the Base Prospectus as a whole, including the documents incorporated by reference. Following the implementation of the relevant provisions of the Directive 2003/71/EC (as amended by Directive 2010/73/EU, the "Prospectus Directive") in each Member State of the European Economic Area, no civil liability will attach to the relevant Issuer (as defined below) or the Guarantor (as defined below) in any such Member State in respect of this summary, including any translation thereof, unless it is misleading, inaccurate, or inconsistent when read together with the other parts of this Base Prospectus. Where a claim relating to the information contained in this Base Prospectus is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated. Issuers: Merrill Lynch S.A. ("MLSA") MLSA is a Luxembourg public limited liability company. The object of MLSA is to make loans and to grant financial assistance in any form whatsoever to companies which are part of its group. Merrill Lynch International & Co. C.V. ("MLICo.") MLICo. is a Curaçao limited partnership of unlimited duration organised under the laws of Curaçao. MLICo. engages primarily in the issuance of warrants and related financial instruments and the distribution of managed fund products. Bank of America Corporation ("BAC") BAC is a Delaware corporation, a bank holding company and a financial holding company. BAC provides a diversified range of banking and nonbanking financial services and products worldwide. Guarantor: For all Securities issued by MLSA and MLICo., BAC, the ultimate parent company of MLSA and MLICo. Arranger: Merrill Lynch International ("MLI") Dealers: MLI and any of the Dealers appointed from time to time pursuant to the Programme Agreement. Calculation Agent: MLI or Merrill Lynch International Bank Limited ("MLIB") or such other calculation agent specified in the applicable final terms (the "Final Terms"). Principal Agent: BNP Paribas Securities Services S.C.A., Frankfurt Branch, unless otherwise specified in the applicable Final Terms. 12

13 Summary Paying Agent: BNP Paribas Securities Services S.C.A., Frankfurt Branch, unless otherwise specified in the applicable Final Terms. Securities: BAC may issue Notes (the "Notes"). MLSA may issue Notes and Certificates (the "Certificates"). MLICo. may issue Certificates and Warrants (the "Warrants"). Certificates and Warrants are together referred to as "W&C Securities". Notes, Certificates and Warrants are together referred to as "Securities". Aggregate Issue Volume: Under this Structured Securities Programme (the "Programme") and its other structured programmes, MLSA may issue Notes up to a total aggregate nominal value of EUR 15,000,000,000 (or its equivalent in other currencies). The maximum nominal amount of Notes that BAC may issue and have outstanding at any one time under this Programme will not exceed U.S.$5,000,000,000 (or its equivalent in other currencies). There is no limit on the number or total amount of Certificates MLSA and MLICo. and Warrants MLICo. can issue under the Programme. The Issuers can issue a series of Securities at any time without giving investors notice or obtaining their consent. Any additional Securities issued by the relevant Issuer will rank equally with all existing Securities issued by the relevant Issuer. Currencies: Subject to compliance with all applicable legal and regulatory requirements, the Securities may be issued in such currencies as may be agreed between the relevant Issuer and the relevant Dealer(s), including, without limitation, U.S. Dollars, Swiss Francs, Sterling, Japanese Yen, and Euro. The currency will be specified in the applicable Final Terms. Issue Price: Notes may be issued at their principal amount, at a premium or discount to their principal amount, as specified in the applicable Final Terms. The issue price of the W&C Securities will be specified in the applicable Final Terms. The issue price may contain commissions to be paid to the Dealer and/or other distributors as specified in the applicable Final Terms. Maturity: Securities will be subject to no maximum or minimum term or maturity as long as they comply with all applicable legal and/or regulatory restrictions. Form of the Notes: Each Tranche of Notes ("Tranche of Notes") will be represented by a permanent global note in bearer form ("Global Note" or "Bearer Note"). The Global Note will be delivered on or prior to the original issue date of the Tranche of Notes to Clearstream Banking AG, Frankfurt am Main ("Clearstream Frankfurt") or any other clearing system located outside the United States and its possessions specified by the relevant Issuer, the Guarantor (if applicable) and the Dealer (each, an "Alternative Clearing System"). Interests in the Global Note will not be exchangeable for definitive Notes. 13

14 Summary Form of the Certificates: Each Tranche of Certificates ("Tranche of Certificates") will be represented by a permanent global certificate in bearer form ("Global Certificate" or "Bearer Certificate"). The Global Certificate will be delivered on or prior to the original issue date of the Tranche of Certificates to Clearstream Frankfurt or any Alternative Clearing System. Interests in the Global Certificate will not be exchangeable for definitive Certificates. Form of the Warrants: Each Tranche of Warrants ("Tranche of Warrants") will be represented by a permanent global warrant in bearer form ("Global Warrant" or "Bearer Warrant"). The Global Warrant will be delivered on or prior to the original issue date of the Tranche of Warrants to Clearstream Frankfurt or any Alternative Clearing System. Interests in the Global Warrant will not be exchangeable for definitive Warrants. Denomination of the Securities: Redenomination: Such denominations as specified in the Final Terms. The relevant Issuer may specify in the applicable Final Terms that the Notes may be redenominated into Euro. Fixed Rate Notes/ W&C Securities: Securities bearing interest or additional amounts at a fixed rate ("Fixed Rate Notes" or "Fixed Rate W&C Securities", respectively) will pay interest or additional amounts on such date or dates as the relevant Issuer and the relevant Dealer(s) agree and on the maturity date. Floating Rate Notes/ W&C Securities: Securities bearing interest or additional amounts at a floating rate ("Floating Rate Notes" or "Floating Rate W&C Securities", respectively) will bear interest or additional amounts at a rate determined (a) on the same basis as the floating rate under a notional interest rate swap transaction in the relevant specified currency, governed by an agreement incorporating the 2006 ISDA Definitions (as published by ISDA) and as amended, updated or replaced as at the issue date, (b) on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service, or (c) on such other basis as may be agreed between the relevant Issuer and the relevant Dealer(s), as indicated in the applicable Final Terms. The relevant Issuer and the relevant Dealer(s) for each issue of Floating Rate Notes or Floating Rate W&C Securities, as the case may be, will agree on the margin (the "Margin"), if any, relating to such floating rate. The amount of interest or additional amounts payable on the Floating Rate Notes or Floating Rate W&C Securities, as the case may be, will be calculated using the method specified in the applicable Final Terms. Index Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to an index or a basket of indices as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Index Linked Securities". Specific provisions 14

15 Summary regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Share Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to a share or a basket of shares as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Share Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. GDR/ADR Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to a global depositary receipt ("GDR") or American depositary receipt ("ADR") or basket of GDRs and/or ADRs as may be agreed between the relevant Issuer and the relevant Dealer(s) are "GDR/ADR Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Inflation Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to one or more consumer price indices and/or formula(e) as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Inflation Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Commodity Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to a commodity, or a basket of commodities, or one or more commodity indices, as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Commodity Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Fund Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to a fund or exchange traded fund or a basket of funds or exchange traded funds as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Fund Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. FX Linked Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to one or more foreign exchange rate or rates as may be agreed between the relevant Issuer 15

16 Summary and the relevant Dealer(s) are "FX Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Hybrid Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to any combination of Reference Item(s) and/or formula(s) as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Hybrid Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Other Reference Item Linked Securities Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, will be calculated by reference to one or more other Reference Item(s) (together "Reference Items") as may be agreed between the relevant Issuer and the relevant Dealer(s) are "Other Reference Item Linked Securities". Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Physical Delivery Securities: Securities in which the payment of principal or other amounts payable upon redemption, settlement, or exercise and/or interest or additional amounts, respectively, may be made by delivery of any Reference Item(s) are "Physical Delivery Securities". Specific provisions regarding such payments will be set out in the applicable Final Terms. Amortizing Notes: Notes in which the payment of principal and/or interest, is based on an amortization table are "Amortizing Notes". The relevant Issuer and the relevant Dealer(s) will agree upon the applicable amortization table. Payments on Amortizing Notes will be applied first to interest due and then to the reduction of the unpaid principal amount, unless otherwise indicated in the applicable Final Terms. Dual Currency Notes: Notes in which the payment of principal and/or, interest may be payable in more than one specified currency ("Specified Currency") are "Dual Currency Notes". The denomination of such Notes (the "Specified Denomination") will be based on such rates of exchange as agreed between the relevant Issuer and the relevant Dealer(s). Specific provisions regarding the manner in which such payments are to be calculated will be set out in the applicable Final Terms. Zero Coupon Notes: Notes issued on a zero coupon basis ("Zero Coupon Notes") will be offered and sold at a discount to their principal amount or at a discount to par and will not bear interest other than in the case of late payment. Installment Notes: Notes redeemable in installments are "Installment Notes". Specific provisions regarding the manner in which such payments are to be 16

17 Summary calculated will be set out in the applicable Final Terms. Other Securities: Payments in respect of principal or other amounts payable upon redemption, settlement, or exercise, and/or interest or additional amounts, in respect of all other Securities issued under the Programme will be made in accordance with the applicable Final Terms. Principal Protected Notes: Notes issued by BAC as to which the amount of cash and fair market value of property delivered at maturity or upon early redemption may not be less than the Specified Denomination of such Notes ("Principal Protected Notes"). Non-Principal Protected Notes: Notes issued by BAC which are not Principal Protected Notes ("Non- Principal Protected Notes"). Redemption/Settlement: The Final Terms relating to each Tranche of Securities will indicate either that (a) the Securities of that Tranche cannot be redeemed/settled prior to their maturity date (other than in specified installments, if any, or for tax reasons or following an Event of Default) or (b) the Securities will be redeemable/exercisable at the option of the relevant Issuer and/or the holders upon irrevocable notice (subject to the relevant notice period), to the holders or the Principal Agent, as the case may be, on a date or dates specified prior to their maturity date and at a price or prices and on such terms, all as specified in the applicable Final Terms. Exercise of Warrants: The Warrants create options exercisable by the relevant Warrantholder. There is no obligation upon any Warrantholder to exercise his Warrant(s) nor, in the absence of such exercise or if the Warrants are not subject to automatic exercise ("Automatic Exercise"), any obligation on the relevant Issuer or the Guarantor to pay any amount in respect of the Warrants. Warrantholders need to provide a duly completed Exercise Notice to the Principal Agent with a copy to MLI or any other person mentioned in the Final Terms in order to receive the Cash Settlement Amount. Warrants may be subject to a maximum number of Warrants exercisable on any date and to a minimum number of Warrants exercisable at any other time. Market Disruption Events: In respect of Share Linked Securities, GDR/ADR Linked Securities, Index Linked Securities, Commodity Linked Securities, Fund Linked Securities, FX Linked Securities, Hybrid Securities, and certain other types of Securities, if the Calculation Agent determines that a market disruption event ("Market Disruption Event") has occurred or exists on a reference date ("Reference Date") such date may be postponed and, in such circumstance, alternative provisions in respect of the relevant Reference Item(s) may apply. 17

18 Summary Adjustments to Index Linked Securities for certain Events: In respect of Index Linked Securities, the occurrence of an index adjustment event or additional disruption event may result in the Calculation Agent making adjustments to the terms of the Securities and calculations as described in the conditions ("Conditions") and could lead to the Securities being redeemed, settled or exercised early. Adjustments to Share Linked Securities and GDR/ADR Linked Securities for certain Events: In respect of Share Linked Securities and GDR/ADR Linked Securities, the occurrence of a potential adjustment event, merger event, tender offer, additional disruption event, nationalization, insolvency, or delisting may result in the Calculation Agent making adjustments to the terms of the Securities and calculations as described in the Conditions and could lead to the Securities being redeemed, settled or exercised early. Adjustments to Commodity Linked Securities for certain Events: In respect of Commodity Linked Securities, the occurrence of an additional disruption event may result in the Calculation Agent making adjustments to the terms of the Securities and calculations as described in the Conditions and could lead to the Securities being redeemed, settled or exercised early. Adjustments to Fund Linked Securities for certain Events: In respect of Fund Linked Securities, the occurrence of certain fund events or an additional disruption event may result in the Calculation Agent making adjustments to the terms of the Securities and calculations as described in the Conditions and could lead to the Securities being redeemed, settled or exercised early. Adjustments to FX Linked Securities for certain Events: In respect of FX Linked Securities, the occurrence of an additional disruption event may result in the Calculation Agent making adjustments to the terms of the Securities and calculations as described in the Conditions and could lead to the Securities being redeemed, settled or exercised early. Settlement Disruption Events: In the case of Share Linked Securities which are Physical Delivery Securities, if a settlement disruption event ("Settlement Disruption Event") occurs or exists on the delivery date ("Delivery Date"), settlement may be postponed until the next day on which no Settlement Disruption Event occurs. A Settlement Disruption Event is essentially an event beyond the control of the relevant Issuer or other hedging entity as a result of which, in the opinion of the Calculation Agent, delivery of the entitlement ("Entitlement") by or on behalf of the relevant Issuer, in accordance with the Conditions, is not practicable, or as a result of which the Clearing System cannot clear the transfer of the relevant Reference Item(s). The relevant Issuer in these circumstances may also have the right to pay the Disruption Cash Redemption/Settlement Amount in lieu of delivering the Reference Item(s). Status of the Securities: The Securities constitute direct, unsubordinated, unconditional and unsecured obligations of the relevant Issuer and rank equally among themselves and rank equally (subject to such exceptions as are from time to time provided by applicable laws) with all other present and future direct, unsubordinated, unconditional and unsecured indebtedness (in the case of Notes) or obligations (in the case of W&C Securities) of the relevant 18

19 Summary Issuer. Except as described above with respect to the maximum aggregate nominal amount of Notes that may be issued by MLSA and BAC, there is no limitation on the amount of additional indebtedness that the relevant Issuer may incur. See "Conditions of the Notes - Status of the Notes" and see "Conditions of the W&C Securities - Status of the W&C Securities". Status of Guarantee: The obligations of the Guarantor under the Guarantee in respect of Securities that may be issued by MLSA and MLICo., save for such exceptions as may be provided by applicable laws and regulations or judicial order, rank pari passu with its other present and future unsecured and unsubordinated obligations. Negative Pledge/Cross Default: The Securities will not contain a negative pledge or a cross default provision. Rating: The Programme has no rating. Distribution: Securities may be distributed privately or publicly and, in each case, on a syndicated or non-syndicated basis as set out in the applicable Final Terms. Selling Restrictions: There are restrictions on the offer, sale, and transfer of the Securities in the United States, the European Economic Area (including the United Kingdom), Curaçao, and such other restrictions as may be required in connection with the offering and sale of a particular Tranche of Securities. See "Subscription and Sale" as contained in this Base Prospectus. No Ownership by United States Persons: The Securities may not be legally or beneficially held at any time by any United States Person. "United States Person" means a person which is a "U.S. person" as defined in Regulation S ("Regulation S") under the Securities Act of 1933, as amended ("Securities Act") or a "United States person" as defined under Section 7701(a)(30) of the United States Internal Revenue Code of 1986, as amended (the "Code") and in U.S. Department of the Treasury (the "U.S. Treasury") regulations. Except as provided herein, each Noteholder ("Noteholder"), Warrantholder ("Warrantholder") and Certificateholder ("Certificateholder") (together "Holder of Securities") and each legal or beneficial owner of a Security as a condition to purchasing such Security or any beneficial interest therein, will represent and agree, or will be deemed to have represented and agreed, at the time of such purchase that (i) it is not a United States Person and it is not located in the United States of America (including the states and the District of Columbia), its territories, its possessions or other areas subject to its jurisdiction (the "United States") and was not solicited to purchase the Securities while present in the United States, (ii) it will not at any time offer, sell, resell, trade, pledge, exercise, redeem, transfer or deliver, directly or indirectly, any Security so purchased in the United States or to, or for the account or benefit of, any United States Person or to others for offer, sale, resale, trade, pledge, exercise, redemption, transfer or delivery, directly or indirectly, in the United States or to, or for the account or benefit of, any United States Person, (iii) it is not purchasing any Security for the account or benefit of any United States Person and (iv) it 19

20 Summary will not make offers, sales, resales, trades, pledges, exercises, redemptions, transfers or deliveries of any Securities (otherwise acquired), directly or indirectly, in the United States or to, or for the account or benefit of, any United States Person. No Entitlement will be delivered within the United States or to, or for the account or benefit of, a United States Person in connection with any Security. Upon redemption, settlement, or exercise of any Securities, a Holder of Securities may be required to make a certification that it is not a United States Person, and that such Securities are not being redeemed for the account or benefit of, or exercised on behalf of, a United States Person or a person within the United States. Listing and Admission to Trading: Application has been made to the Luxembourg Stock Exchange for the Securities to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the Official List of the Luxembourg Stock Exchange. Application has also been made to the Luxembourg Stock Exchange for Securities issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange's alternative market Euro MTF and to be admitted to the Official List of the Luxembourg Stock Exchange. Application may, in the future, be made to list Securities on any other regulated market of any stock exchange in a Member State within the European Economic Area (in particular on the London Stock Exchange), or to trade the Securities on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Scoach) and/or on the regulated unofficial market (Freiverkehr) of the Stuttgart Stock Exchange (EUWAX). Securities may not be listed or traded at all, in each case as specified in the applicable Final Terms. Governing Law: The Securities shall be governed by and construed in accordance with German law. The Guarantee shall be governed by and construed in accordance with the laws of the State of New York, United States without regard to principles of conflicts of laws. The provisions of articles 86 to 94-8 of the Luxembourg law on commercial companies of August 10, 1915, as amended, are excluded. Binding Language: The Final Terms will determine if the German or the English version of the Conditions will be binding. Withholding Tax: With respect to Index Linked Notes, Share Linked Notes, GDR/ADR Linked Notes, FX Linked Notes, Commodity Linked Notes, Fund Linked Notes, Inflation Linked Notes, Hybrid Notes, Physical Delivery Notes and Other Reference Item Linked Notes issued by BAC (the "Linked Notes"); and Dual Currency Notes issued by BAC, the applicable Final Terms will state whether (i) BAC or its agent will withhold United States tax on such Notes, or (ii) except as provided in "United States of America Taxation", BAC does not intend to withhold tax with respect to payments to a United States Alien. For payments by BAC in respect of a Security, which will be treated as in registered form for United States federal income tax purposes, in order to avoid U.S. withholding taxes, the beneficial owner of the Security is required to furnish the U.S. Internal Revenue Service ("IRS") Form W-8BEN on which the beneficial owner certifies under penalties of perjury that it is not a United States person (as defined in the Code and in 20